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Renters insurance is one the most important yet least understood forms of insurance coverage. The numerous misconceptions that surround it have gripped the marketplace, and David R Johnson Insurance of Beech Grove, IN, wants to clear up these misunderstandings. Below is a list of common myths about renters insurance debunked.

5 Misconceptions About Renters Insurance Coverage

1. It's Too Expensive

Renters insurance Renters insurance is relatively affordable. In Indiana, the average cost of coverage is only $182 per year, which is just over $15 per month. This is about 3% less than the U.S. average, which is $187 per year.

2.  The Landlord Has Insurance

Your landlord's rental property coverage almost certainly does not protect your belongings. Policies of that sort typically cover the building structure against storms and fires, as well as any on-site equipment used to operate the business, like lawn care or cleaning tools.

3. Your Belongings Aren't Valuable Enough

If you create an inventory of your belongings, you'll likely find you own thousands of dollars of personal property in the form of furniture, clothing, electronics, and other items. These are well worth spending a few dollars a month to protect.

4. Renters Insurance Only Covers Property

Even if you don't own much personal property or are not emotionally attached to what you own, renters insurance offers protection in the form of liability coverage. If you accidentally injure someone or damage their property—for example, your dog bites a neighbor, who requires a doctor's attention—renters liability coverage pays for the medical treatment as well as any legal fees that arise from the incident.

5. You Should Buy the Cheapest Coverage Available

Don't let cost be the guiding influence of your purchase. Make sure you compare the level of coverage each policy offers, along with the deductible amounts. You might discover a slightly more expensive policy offers a better value.

Renters insurance offers a number of benefits and essential protections to tenants. To discuss your options with a friendly, helpful professional, contact David R Johnson Insurance in Beech Grove, IN. With more than 30 years in the business, they have the knowledge and experience to help you design a policy that fits your lifestyle and budget. Visit them online for directions, or call (317) 782-8858 to request an affordable insurance quote.

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